The French oil company Total’s chief executive is expecting only slow progress in rehabilitating Iran’s oil sector after a prolonged period of sanctions.
Speaking on the sidelines of this year's Adipec oil conference in Abu Dhabi, Patrick Pouyanné said that there has been a lot of excitement generated this year by the prospect that sanctions related to Iran's nuclear programme will be lifted next year, allowing access by international oil companies to Iran's vast oil and gas resources.
That has been building ahead of the expected release of new contract terms by Iran's oil and gas ministry in a few weeks.
But Mr Pouyanné said he thought expectations that deals would quickly follow and lead to a rapid rise in Iran’s production — an outlook that top Iranian officials themselves have encouraged — are overdone.
“If you remember the question of Iraq, everyone was excited about Iraq but at the end of the day the contracts which were offered to the international oil companies were not really interesting,” he said, noting that the original targets for production growth have been severely curtailed because of a lack of investment potential, as well as the security situation there.
Indeed, in the latest round of negotiations, Iraq has asked international oil companies developing fields to cut production targets because of its shortage of funds to invest under the contract terms, as well as the low oil prices.
The contracts due to be unveiled by Iran in a few weeks “probably will just explain the framework of the contract, but I would be surprised if you see any figures,” ie any concrete terms of revenue or production- sharing or levels of investment.
Until sanctions, Total had been active in developing Iran’s South Pars gasfield, which holds about half of the country’s gas reserves, which by some estimates are the largest in the world.
Mr Pouyanné has held meetings with Iran’s oil minister this year and France backed Total’s eagerness to reestablish its position there this summer when the foreign minister Laurent Fabius was the first western official of that level to visit Iran.
Still, Mr Pouyanné pointed out yesterday that the previous structure of Iran’s contracts (so-called buy-back contracts) had failed because they were too short at seven years to encourage enough investment and did not align Iran’s and the companies’ objectives to enhance production.
So he expects a very slow process of negotiation this time around.
“We are speaking about projects of several hundreds of millions of dollars,” he said. “Did you ever see any deal being done in six months in this industry? I don’t think so … You’ll see a few hundreds of millions of barrels extra on the market initially from Iran but then it will take some time.”
Bijan Zangeneh, Iran’s oil minister, has repeatedly claimed that Iran will be able to ramp up its production by 1 million barrels per day from levels this year of about 2.8 million bpd once sanctions are lifted.
Industry estimates have ranged widely at between an extra 300,000 bpd to 600,000 bpd in the first 18 months or so after sanctions are formally lifted.
Mr Pouyanné’s opinion is that Iran is likely to be able to increase only by about the lower end of that range.
amcauley@thenational.ae
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How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
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Overall head-to-head
Federer 6-1 Cilic
Head-to-head at Wimbledon
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Specs
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
APPLE IPAD MINI (A17 PRO)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
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